Karachi, March 15, 2022 (PPI-OT): KSE-100 moving towards its key support level

KSE-100 index extended the decline to close at 43,367, down 286 points versus previous trading session. Volumes stood at 115mn shares versus 149mn shares traded previously. The index is expected to target its recent low of 42,789 where a fall below that will resume the downtrend with 42,339 and 42,061 as the next targets. However, any upside will face resistance in the range of 43,480-43,650. The RSI and the MACD have shown weakness, supporting a negative view. Investors are recommended to stay watchful at current levels. The support and resistance are at 43,205 and 43,648, respectively.

HBL: Recovery target remains intact

Strategy: ‘Buy on dips’ – targeting Rs119.87 and Rs122.77; stoploss at Rs113.06.

MLCF: Dropped below the 50-DMA – Negative

Strategy: ‘Sell on Strength’ – targeting Rs32.00 and Rs29.85; stoploss at Rs34.39.